Ipotfoliyo yemali-mboleko epheleleyo

Ipotfoliyo yemali-mboleko epheleleyo (GLP) yintsalela iyonke yemali eyintloko eseleyo yazo zonke iimali-mboleko umbolekisi anazo ezincwadini zakhe ngexesha elithile, phambi kokutsala nasiphi na isibonelelo selahleko yemali-mboleko. Siyi-asethi engundoqo yengeniso yeziko kwaye siyidenomineyitha yoninzi lwemilinganiselo yetyala nokusebenza kakuhle ekubolekiseni.

GLP = Isixa sentsalela eyintloko eseleyo yazo zonke iimali-mboleko ezingekahlawulwa

Ngumlinganiselo wesitokhwe — ibhalansi ngomhla othile — hayi ukuhamba. Oku kuyahlula kwiimali ezikhutshiweyo, ezilinganisa umsebenzi wokubolekisa ngexesha elithile, kwaye ngumthombo wenye yeempazamo eziqhelekileyo kuhlalutyo lwemali-mboleko.

Ipotfoliyo Yemali-mboleko Epheleleyo xa ithelekiswa nepotfoliyo ecocekileyo

Ipotfoliyo yemali-mboleko ecocekileyo = Ipotfoliyo yemali-mboleko epheleleyo − Isibonelelo selahleko yemali-mboleko

Inani elipheleleyo libonisa isixa esipheleleyo esityalwa ngokwekhontrakthi nesiseleyo. Inani elicocekileyo libonisa oko iziko lilindele ukukufumana ngokwenene, emva kwesibonelelo esilindelekileyo selahleko yetyala.

• Ipotfoliyo yemali-mboleko epheleleyo - Isiseko: Intsalela eyintloko phambi kwesibonelelo

  • Ibonisa: Ubungozi obungokwekhontrakthi
  • Isetyenziselwa: Iidenomineyitha zemilinganiselo, ubungakanani bepotfoliyo, ukukhula

• Ipotfoliyo yemali-mboleko ecocekileyo - Isiseko: Emva kokutsala isibonelelo selahleko

  • Ibonisa: Ixabiso lokuthwala elilindelekileyo elifumanekayo
  • Isetyenziselwa: Isixa sokuthwala kwiphepha lomncono

Phantse yonke imilinganiselo esemgangathweni yokubolekisa — PAR, umlinganiselo wokucinywa kwetyala, isivuno sepotfoliyo, umlinganiselo weendleko zokusebenza — sebenzisa inani elipheleleyo. Ukuxuba okupheleleyo nokucocekileyo phakathi kwenani eliphezulu nelisezantsi yimpazamo eqhelekileyo nebalulekileyo yokuxela.

Okubandakanyiweyo nokungabandakanywanga

Kulapho iinkcazelo zahluka kakhulu khona phakathi kwamaziko, nalapho ukuthelekiseka konakala khona.

Okubandakanyiweyo

• Iimali-mboleko zangoku (ezisebenzayo) — intsalela eyintloko eseleyo
• Iimali-mboleko ezilibele — nokuba zilibele kangakanani, ukuba nje zisahleli kwiphepha lomncono
• Iimali-mboleko ezihlengahlengisiweyo nezinikwe ishedyuli entsha yokuhlawula — zisencwadini nangoku, ngoko zise-GLP
• Iimali-mboleko ezikwinkqubo yokubuyiswa ngokomthetho ezingekacinywa
• Iimali-mboleko eziphantsi kwesimo sokungaqokelelwa kwenzala — inqununu ihlala ikwi-GLP nalapho ukuqatshelwa kwenzala kuyekiwe

Okungafakwanga

• Iimali-mboleko ezicinyiweyo — azisaqatshelwa, ngoko zisusiwe kwi-GLP ngokupheleleyo
• Inzala eqokelelweyo efumanekayo — esi siqhelo sisemgangathweni, nangona singekho kuyo yonke indawo
• Izibophelelo zemboleko ezingekakhutshwa kunye nezibonelelo ezivunyiweyo kodwa ezingekakhutshwa — akukho nqununu iseleyo okwangoku
• Iimali-mboleko ezithengisiweyo, ezabelweyo okanye eziguqulwe zaba zizibambiso apho ii-asethi ziye zasuswa ekuqatshelweni
• Utyalo-mali, ukubekwa kwemali phakathi kweebhanki kunye nezinye izinto ezifumanekayo

Iindawo ezingacacanga ezifuna umgaqo-nkqubo ocacileyo

• Inzala eqokelelweyo neyenziwe inqununu. Apho inzala engahlawulwanga iye yenziwa inqununu phantsi kohlengahlengiso, iba yinxalenye yentsalela eseleyo kwaye ihlala kwi-GLP. Inzala eqokelelweyo nje nefumanekayo ayifakwanga ngokuqhelekileyo. Chaza indlela yokuyisingatha.
• Iintlawulo ezimisiweyo okanye ezingekacuthwa. Phantsi kwendlela yezinga lenzala elisebenzayo ezi zilungisa isixa esithwalwayo; ukuba zingena na kwi-GLP exeliweyo kufuna umgaqo-nkqubo ochaziweyo.
• Iimali-mboleko zabasebenzi nabalawuli. Zidla ngokuvezwa ngokwahlukileyo ngenxa yezizathu zolawulo kunokuba zidityaniswe nepotfoliyo yabathengi.
• Iipotfoliyo ezingekho ezincwadini okanye ezilawulwayo. Phantsi kwamalungiselelo entsebenziswano, e-arhente okanye onxibelelwano lweshishini, iziko linokusungula kwaye linakekele iimali-mboleko ezigcinwe kwibhalansi yomnye umntu. Ezi azikho kwi-GLP kodwa ziyinxalenye yee-asethi eziphantsi kolawulo (AUM) okanye ipotfoliyo elawulwayo. Ukuxela i-AUM njenge-GLP kwenza ibhalansi ibonakale inkulu kakhulu kwaye kungumthombo oqhubekayo wokubhideka xa kuthelekiswa amaziko aneendlela ezahlukeneyo zokuxhasa ngemali.

I-Roll-Forward yePotfoliyo

Eyona ndlela icacileyo yokuqonda i-GLP — kunye nolungelelwaniso olusemgangathweni nawuphi na umbolekisi ekufuneka ekwazi ukuluvelisa — yileroll-forward:

I-GLP yokuvala = I-GLP yokuvula + Iimali ezikhutshiweyo − Inqununu ebuyiswayo − Ukucinywa ± Uguqulo lwe-FX ± Olunye uhlengahlengiso

Qaphela ukuba kuphela inxalenye eyintloko yeentlawulo eyehlisa i-GLP. Inzala neefizi eziqokelelweyo ziyingeniso kwaye azichaphazeli ibhalansi yepotfoliyo.

Umzekelo osebenzayo

• Ipotfoliyo epheleleyo yemali-mboleko, umhla woku-1 kuJanuwari: 8,000,000
• Yongeza: iimali-mboleko ezikhutshiweyo enyakeni: 14,000,000
• Thabatha: iintlawulo eziyintloko ezifunyenweyo: (11,550,000)
• Thabatha: iimali-mboleko ezicinyiweyo: (450,000)
• Ipotfoliyo epheleleyo yemali-mboleko, umhla wama-31 kuDisemba: 10,000,000

Ungqinelaniso kufuneka luhambelane ngqo. Apho lungahambelaniyo, oonobangela abaqhelekileyo ziimali-mboleko zokongeza ezirekhodwa njengokukhutshwa okutsha ngaphandle kokuhlawula ibhalansi yokuqala, iimali-mboleko ezihlengahlengisiweyo ezirekhodwa njengentlawulo kunye nokukhutshwa kwemali, okanye ukucinywa kweemali-mboleko okufakwe ngaphandle kweleja yepotfoliyo.

Ukukhutshwa kweemali akuyiyo ipotfoliyo

Ingxelo yokuhamba phambili engentla iyicacisa gca ingongoma: lo mbolekisi wakhuphe i-14,000,000 enyakeni kodwa wagqiba ngepotfoliyo ye-10,000,000.

Ukukhutshwa kwemali kukuqukuqela; i-GLP sisitokhwe. Azinakutshintshiselana, kwaye umsantsa phakathi kwazo uyakhula njengoko ixesha lokuboleka liba lifutshane. Umbolekisi okhupha iimali-mboleko zeenyanga ezine uya kujikelezisa ipotfoliyo yakhe malunga namaxesha amathathu ngonyaka, ngoko ke ukukhutshwa kwemali ngonyaka kunokuba ngamaxesha amaninzi kunebhalansi eseleyo. Umbolekisi okhupha iimali-mboleko zeminyaka emithathu uya kukhuphe imali encinci kakhulu kunepotfoliyo yakhe ngonyaka.

Umlinganiselo phakathi kwazo kukujikeleziswa kwepotfoliyo:

Ukujikeleziswa kwepotfoliyo = Iimali ezikhutshiweyo ngexesha / Umndilili wepotfoliyo epheleleyo yemali-mboleko

Kumzekelo ongasentla: 14,000,000 / 9,000,000 = amaxesha ali-1.56.

Iziphumo ezibini ezisebenzayo:

• Amabango athi "saboleka u-X kunyaka ophelileyo" achaza umthamo wokukhutshwa kwemali, hayi ubungakanani bepotfoliyo, kwaye ezi zimbini zidlulisa izinto ezahluke kakhulu malunga nobungakanani bebhalansi kunye nemfuno yenkxaso-mali.
• Iindleko zokusebenza zikhula ngokwenani lokukhutshwa kwemali, hayi ixabiso lepotfoliyo. Umbolekisi wexesha elifutshane uqhuba iitransekshini ezininzi kakhulu ngeyunithi nganye yepotfoliyo, yiyo loo nto imilinganiselo yeendleko zokusebenza iphezulu ngokwesakhiwo kwi-microfinance kunakwimali-mboleko yexesha elide.

Umndilili wePotfoliyo yeMali-mboleko Eyonke

Uninzi lwemilinganiselo ludibanisa ukuqukuqela kwexesha (ingeniso, ukucinywa, iindleko zokusebenza) ne-GLP. Kuba ukuqukuqela kuqokelelwa kulo lonke ixesha kwaye i-GLP yibhalansi yexesha elithile, idinomineyitha kufuneka ibe ngumndilili.

Umndilili wamanqaku amabini: (GLP yokuqala + GLP yokuvala) / 2. Ilula, kwaye yanele kwiipotfoliyo ezizinzileyo.

Umndilili wamanqaku alishumi elinesithathu: umndilili weebhalansi zokuphela kwenyanga kulo nyaka uphela udityaniswe nebhalansi yokuqala. Uchanekile kakhulu apho ipotfoliyo ikhule, yancipha okanye yahamba ngokwamaxesha onyaka.

Umahluko awuyonto incinci. Ipotfoliyo ekhula ukusuka kwi-8,000,000 ukuya kwi-10,000,000 ngokulinganayo inika umndilili wamanqaku amabini we-9,000,000. Ukuba uninzi lolo hlumo lwenzeka ngoDisemba, umndilili wokwenene wokuvezwa wawusondele kwi-8,300,000 — kwaye yonke imilinganiselo ewusebenzisayo, kuquka umlinganiselo wokucinywa kunye nesivuno sepotfoliyo, iboniswa ngaphantsi malunga ne-8%.

Umgaqo: sebenzisa umndilili wamanqaku amabini kuphela xa ukukhula bekuhamba ngomgca ngokubanzi. Kungenjalo sebenzisa umndilili wenyanga, kwaye uxele ukuba yeyiphi indlela esetyenzisiweyo.

Imilinganiselo Esebenzisa iPotfoliyo yeMali-mboleko Eyonke

• Ipotfoliyo esemngciphekweni (PAR>n): Intsalela engahlawulwanga yeemali-mboleko ezineentlawulo ezishiywe lixesha ngaphezu kweentsuku eziyi- n / GLP
• Umlinganiselo wokucinywa: Ukucinywa kwixesha / Umndilili we-GLP
• Isivuno sepotfoliyo: Ingeniso yezemali evela epotfoliyo / Umndilili we-GLP
• Umlinganiselo weendleko zokusebenza: Iindleko zokusebenza / Umndilili we-GLP
• Umlinganiselo weendleko zokubonelela: Iindleko zokuncipha kwexabiso / Umndilili we-GLP
• Ukhuseleko lwezibonelelo: Isibonelelo selahleko yemali-mboleko / GLP (okanye / iimali-mboleko ezingasebenziyo)
• Ukujikeleziswa kwepotfoliyo: Ukukhutshwa kwemali / Umndilili we-GLP
• Ubungakanani obuphakathi bemboleko engahlawulwanga: GLP / Inani leemali-mboleko ezisebenzayo

Kuba i-GLP ihlala kwidinomineyitha phantse kuzo zonke, ukungangqinelani kwenkcazelo ye-GLP kusasazeka kuyo yonke imilinganiselo ngaxeshanye — yiyo loo nto inkcazelo ifanelwe yingqalelo engaphezulu kunoko ihlala ifumana.

Iimpazamo Eziqhelekileyo

• Ukubandakanya inzala eqokelelweyo: Ikhulisa i-GLP kwaye ithoba i-PAR, isivuno sepotfoliyo, kunye nomlinganiselo wokucinywa ngaxeshanye.
• Ukusebenzisa i-GLP yokuvala endaweni ye-GLP yomndilili: Kwimilinganiselo yexesha kwipotfoliyo ekhulayo, oku ngokucwangcisiweyo kwenza yonke imilinganiselo yetyala nokusebenza kakuhle ibonakale ingcono kunokuba injalo.
• Ukubhidanisa iintlawulo ezikhutshiweyo nepotfoliyo: Eyona mpazamo ixhaphakileyo kunxibelelwano lwangaphandle nakwimathiriyeli yabatyali-mali.
• Ukubala iimali-mboleko ezicinyiweyo: Ziyayekwa ukuqondwa; ukuzigcina kwi-GLP kwenza i-asethi ibonakale inkulu kwaye kuphazamisa i-PAR kwicala elichaseneyo nokucocwa kwezicinyiweyo.
• Ukubala kabini ii-top-up: Apho imali-mboleko ye-top-up ihlawula kwaye ithatha indawo yentsalela ekhoyo, ukurekhoda isixa esipheleleyo esitsha njengokongeza ngaphandle kokususa esokuqala kwandisa zombini iintlawulo ezikhutshiweyo nepotfoliyo.
• Ukuxela i-AUM njenge-GLP: Kwiimodeli zentsebenziswano okanye zokuqalisa ngaphandle kwencwadi.
• Ukunciphisa i-allowance ngokungahambelaniyo: Ukusebenzisa ipotfoliyo ye-net kwidenominator apho umlinganiselo uchazwe ngegross.
• Uguqulo lwemali: Kwiipotfoliyo zeemali ezininzi, intshukumo ye-FX itshintsha i-GLP exeliweyo ngaphandle kwanawuphi na umsebenzi wokubolekisa, kwaye kufuneka iboniswe njengomgca owahlukileyo kwi-roll-forward kunokuba ifihlwe kwiintlawulo ezikhutshiweyo okanye kwiintlawulo ezibuyiselwayo.

Ukwahlulahlula Okuluncedo

I-GLP inika ulwazi oluninzi xa isahlulahlulwe, kuba itotali enye ifihla phantse yonke into ebalulekileyo:

• Nge imveliso nangendlela yokusebenza (iqela ngokuchasene nomntu ngamnye)
• Nge inombolo yomjikelo wemali-mboleko — umxube phakathi kwababoleki bomjikelo wokuqala nabaphindayo luphawu olukhokelayo lwengozi nokugcinwa kwabathengi
• Nge isebe, ingingqi negosa lemali-mboleko
• Nge icandelo — umngcipheko wokugxila kakhulu kwindawo enye awubonakali kwinqanaba lepotfoliyo
• Nge ibhakethi ye-delinquency — igalelo kwi-PAR
• Nge i-vintage (inyanga yokuqalisa) — ekuphela kwesahlulo esibalulela ngokuthembekileyo ukusebenza kwi isigqibo sokubolekisa
• Nge itenor eshiyekileyo — ukulungiselela ukuhambelana kwe-liquidity nokuvuthwa kwenkxaso-mali